News

Ashurst joins City pay war with £105,000 NQ solicitor package

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68

Base rate of £84,000 plus bonus

City player Ashurst has bumped the salaries of its London newly qualified (NQ) solicitors following a pay review.

The silver circle outfit confirmed today that its newbie associates will start on a base salary of £84,000, up 2% from £82,000. Though pay packets could swell to as much as £105,000 with bonus applied — an uplift of 9% on the previous total compensation package of £96,600. A bonus of 25% would take total earnings to £105,000.

The firm has said the bonus will be based “not just on chargeable hours” but “overall contribution to the business”.

Commenting on the uplift, Ruth Harris, London managing partner at Ashurst, said:

“Following a very successful year, we have continued to review our remuneration in order to remain as competitive as possible. We believe a change was necessary and the adjustments will ensure that we continue to attract and retain the best staff.”

The money move means Ashurst associates sit a mere £1,000 behind their peers at Travers Smith, who upped junior lawyer pay yesterday, and Macfarlanes. The City duo both offer base salaries of £85,000 but when bonuses are applied, Travers’ lot have the potential to earn up to £110,500 and Macfarlanes up to £110,000.

Ashurst — which offers 45 training spots each year — remunerates its trainees £44,000 in year one and £48,000 in year two.

Today’s news follows a strong set of financial figures for the firm. This week Ashurst revealed a 14% rise in turnover from £564 million to £641 million, while profit per equity partner (PEP) soared to £972,000 — a boost of 31% on last year’s result of £743,000.

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68 Comments

Anonymous

“bonus will be based “not just on chargeable hours” but “overall contribution to the business”.”

Lmao nice try Ashurst, but this has ‘discretionary’ written all over it. Not nearly comparable to Freshfields or even HSF.

(32)(5)

Anonymous

Discretionary bonus is what you want if you’re not a beta cuck. Get on my level.

(9)(0)

Anonymous

U been smokin again blud ?

(8)(0)

Anonymous

Yeah I stole it off your mum

(4)(1)

Anonymous

Not really. What it likely means is that the bonus has a pro-bono, recruitment or BD component to it.

(2)(1)

Anonyman

“£105,000 NQ solicitor package” in the title, before going on to reveal that there is what will effectively be a discretionary bonus. This is fake news, pure and simple.

SAD!

(32)(4)

Anonymous

It’s not “effectively” a discretionary bonus, it *is* a discretionary bonus, and that’s a good thing if you actually bill well and are seen as outperforming your level.

(2)(2)

Anonymous

…which means that you’ll have to gimp it out to see any of it, unlike at US firms where everyone gets a bonus. Small time shet shop, pathetic

(7)(4)

Rupert; a US Firm associate

🐔🥜

(2)(1)

Your Bully

🎶POO-PERT!

POOPERT DE-BEERE!!!!

SOILED HIS BED AT SCHOOOOOOOOOOOL!!!!!!🎶

Rupert; a US Firm

WHAT IN THE BLUE BLOODY BLAZES IS WRONG WITH YOU????

WHO
THE
HELL
ARE
YOU?????

I ASSUME YOU’RE SOMEONE I WAS AT SCHOOL WITH???

I WAS ILL, DO YOU HEAR???

ILL!!!!

TO MOCK SOMEONE FOR BEING ILL AND FOR THEIR NAME IS THE LOWEST ONE CAN GO!

I BET YOU’RE A NOBODY FLIPPING BURGERS!!!!!!

Unkind person

Triggered loon!

Anonymous

As if a shop as tight as Asshurts would ever pay NQs a bonus of £19,000 on top of their base. Pure fantasy, even if you toil like mad

(25)(0)

Ashurst nq

There’s blood shooting out of my cock, is that normal?

(2)(0)

ZONE 1

Law is becoming the only industry where employers think it is acceptable to list maximum salary inclusive of bonus, and not base salaries. No other industry does it, don’t let them get away with it. State the base, and if it’s slightly off – their problem to clarify

(41)(0)

Anonymous

Yup, the reason why firms like Ashurst/Travers are doing this is because they’re now only able to recruit 3rd rate grads. Naturally they’re 2nd best to the MC but now with the US firms getting so much publicity for being well paid both the MC and SC are playing 2nd fiddle. They need to be able to get salary figures above 100k into legal press headlines so people think there actually isn’t that much difference between what they’re paying out and what the elite US ones are paying…

(27)(28)

Anonymous

lol ok

(1)(0)

Anonymous

Might be true to an extent, but a graduate picking any US firm over a TC is mental (with a couple of exceptions). Most US trainees grow up to be booted out in favour of MC transplants before 5PQE.

(9)(4)

Anonymous

What are the exceptions?

(0)(0)

Anonymous

This is 100% true .. not sure what all the downvotes are all about. If you look at the standard of new trainees coming through silver circle firms you can see this in action.

(0)(6)

Anonymous

I don’t think that is true. Sales jobs often say “£xx OTE” where I believe that On-Target-Earnings includes commission for hitting your sales target – and isn’t commission just a kind of bonus? Except perhaps slightly more objective to see if you have hit it?

(0)(0)

Anonymous

Base is £86k for those interested.

(13)(5)

Anonymous

Wasn’t ashurst about to go under a couple of years ago???

(15)(1)

Anonymous

Lashursts!!

All aboard the banter bus

(3)(0)

bruv

Still shet tho

(0)(0)

Anonymous

A partner from the Australian office took over as global firm Managing Partner – London lot couldn’t get their act together. Those bloated anchors at the top couldn’t manage a bake sale. Silver Circle my a$$.

(0)(0)

RE

SO JUST A TWO PERCENT INCREASE???

TWO PERCENT???

(8)(0)

4PQE

Lots of salty anti-Ashurst here, really not sure why. I trained there (and left only 2-PQE) and can confirm that, for corporate work (NOT litigation), it’s the best English firm outside of the MC. Also, most associates I know there got at least a 10% bonus so the figures really aren’t far off.

I genuinely can’t understand what the ‘we hate Ashurst’ sauce is about, really strange.

(12)(23)

Anon

Travers Smith is the best for corporate outside of the MC.

(3)(26)

4PQE

No it isn’t.

(6)(0)

Anonymous

Macfarlanes is, you rube.

(19)(3)

Anonymous

Mcfarlanes? Really??

(2)(6)

Anonymous

No

Anonymous

I support your freedom of speech, but LC doesn’t. Can’t use homophobic slurs in this country brah… sorrey ;(

(0)(0)

Anonymerry

Outside of MC, I would not say that Ashurst is the “best” for corporate work.

Very likely to be Travers/Macs and also HSF.

Ashurst is comparable to Hogan Lovells for corporate work with both having good M&A departments but not being very well-known for PE work. Undoubtedly both are very good firms just not the “best” outside of MC.

(7)(1)

Anonymous

I don’t know if it’s still true but they used to be THE go to firm for full-stream oil & gas work. At least that was the rep when I started in projects work. The infrastructure projects team was also pretty famous. Mostly worked for client/lender side rather than supplier but still interesting work.

Do they still hold that rep or has HSF and the MC stolen all the good projects work these days? I know all the complex supplier side projects work has gone to (well, stayed with really) Pinsent’s and CMS.

(1)(0)

Anonymous

Pure fake news

Outside the MC, the best corporate work is at Macs/Travers for PE and HSF for public m&a

Ashurst used to be a leader in PE but not any more. They are nowadays a very finance centered firm ( esp projects) and finding success there to be fair. But it’s no longer a corporate heavyweight

(10)(1)

CMS 4th Seat Trainee

The only top titan of five-figure leveraged management buyouts is the latest City Farm in Cannon Street

(4)(1)

Anonymous

Not sure about corporate work tbh… probably behind HSF and Travers/MacFarlanes. But definitely the best finance firm outside the MC for sure (especially in structured finance and projects).

(7)(0)

Anonymous

Where you at, skeptics???!!!

(1)(0)

Anonymous

CMS is next.

(2)(3)

CMS 4th Seat Trainee

CMS are raising to £110,000 at NQ inclusive of bonuses. Bonuses are up to £35,000 at the most junior level and payable over five years.

(15)(2)

Anonymous

I always thought you were a meme. You are real!

(2)(1)

Anonymous

CMS is sweaty, I hear. BCLP should be next in line though.

(1)(1)

Anonymous

How so

(0)(0)

Blud

cos it be supa shet

(0)(0)

Anonymous

MC needs to jump again as getting close to these shops now which isn’t good

(2)(5)

Anonymous

What’s the raise at CMS?

(1)(0)

Anonymous

75000k base to be announced.

(3)(0)

Anonymous

Hefteh

(0)(0)

0161

Still £42k and a food bank voucher here in Manchester. Then again I probably bill 20 hours per week and still have to print off all my emails.

(12)(0)

Anonymous

Very good and funny banter friend

(0)(0)

eat sleep earn repeat

20 hours? A week? if you aren’t billing 20 hours a day, you’re a nobody

(0)(0)

Anonymous

Such is life in the regions. We’re almost all work shy, much more at home down the pits.

(0)(0)

Anonymous

Will they take me with ABB A-levels?

(6)(0)

Anonymous

Are NQ salaries really *that* important? You’re only an NQ for a year, after all.

(4)(0)

4PQE

This is the point. The real story with lots of the MC raises (and now SC) is that these are just headlines to grab the grads attention. The difference in rates at the 4/5+ PQE (if you can make it there) between the MC/SC and the US firms is staggering. To be expected, but staggering. You can expect to be on £300k at some US firms before you start pushing for partner. You’ll be nowhere near that at the MC/SC.

(14)(0)

Anonymous

Quite – you will probably be on just over half of that at a MC/SC by comparison.

(2)(1)

Anonymous

Why isn’t this an article?

(0)(0)

Anonymous

Well I do think this is more PR then anyting else and not all NQ will be on 100k.

However, those people who brainlessly trash Ashurst has no idea what they are talking about. Even back in the noughties it was never the most profitable firm – that’s why it is not part of the MC. Instead it was known for its much friendlier culture, small firm feeling and top quality work.

A lot of the above still holds true these days. Unlikely they will ever be able to compete purely on pay, but at the same time assocoates don’t get beasted as hard as MC/US, and the work is still top quality. It is a trade off a lot of people are willing to take.

I trained at Ashurst couple years ago and left for a US firm subsequently for the money, but I still look back and think fondly of my time with the firm. Many friends still remain and most have positive things to say. Real momentum going on right now.

(16)(1)

Anonymous

Hi HR, get you shilling for the puff comment, yes?

(4)(1)

Anonymous

Do you really think the HR team would say they think this is PR more than anything else and not every NQ would get 100K?

(1)(1)

Anonymous

Shit firm and cheap AF. This fake figure doesn’t surprise me. Classic bait and switch shop.

(3)(5)

Anonymous

I feel sorry for the 21 year olds suckered into it

We need full salary transparency now

It’s difficult to tell what the sh1t jobs and what the good ones are

(3)(0)

Anonymous

Lol the comments here, I wish everyone could disclose who they are since there are so many experts on here 🙄😂

(2)(2)

Anonymous

It’s funny how none of the above posters will ever qualify into a City firm. Losers.

(2)(0)

Anonymous

Pay at RPC is a joke

(1)(0)

DWarF

The bonus is more than a DWF associate NQ salary in London.

(3)(0)

Comments are closed.

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